S&P: Europe corporate credit quality to remain fragile

LONDON (CBS.MW) -- Rating agency Standard & Poor's on Tuesday said the creditworthiness of European companies and financial institutions is unlikely to recover significantly in 2004, although the low point for corporate credit quality in the region has passed. It said the distribution of Standard & Poor's outlook and CreditWatch listings is currently slightly more negative than at the same point in 2002. S&P added the number of rating downgrades has fallen in 2003 compared with 2002, and is likely to decline again in 2004, but the economic and business environment in Europe at present provides limited scope for rating upgrades in many sectors.

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